Turkish lira collapse: what does it mean for travellers?

turkish lira collapse what does it mean for travellers

Sumary of Turkish lira collapse: what does it mean for travellers?:

  • Anyone who is changing money “little and often” will find that they are suddenly much wealthier, with bureaux de change offering far better rates than last week.
  • For bigger-ticket tourism items, such as accommodation, prices are likely to be quoted in euros – the hard currency preferred by Turkish businesses.
  • Do not change your money for Turkish lira in the UK. While the Post Office is offering a decent rate of 15.9 to £1, the currency is likely to deteriorate still further before you travel.
  • Change little and often: partly because the rate could improve still further against sterling by the day, and partly because you do not want to be stuck with Turkish currency at the end your trip.
  • You will certainly get a worse exchange rate changing money back at the airport than you did when you originally obtained the lira.
  • in 2005, the old Turkish lira was so weak that you could become a millionaire by changing 40p, until six zeroes were knocked off the lira and a “new lira” was launched.

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